NEW YORK -- The NHL suffered less than half the losses it has claimed the past two years, according to a report in Forbes Magazine.

In an article in its Nov. 29 edition, the business magazine -- which did not have access to all of the 30 teams' financial records -- estimates the NHL lost a combined $96 million last season, not $224 million as reported by the league.

For the 2002-03 season, in which the NHL stated losses of $273 million, Forbes estimates they were actually about $123 million.

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